AKVA Q3 revenue falls 14% but profit rises 15%; board unanimously recommends shareholders accept Yanmar per-share takeover offer

Norwegian aquaculture technology company AKVA group's Q3 2026 results, published on November 9, show quarterly revenue of NOK 959 million (approximately USD 101.5 million, EUR 91 million), down 14% from NOK 1.12 billion (approximately USD 118.6 million, EUR 106.3 million) in the same period of 2025. Despite the double-digit revenue decline, the company's profitability still improved: EBITDA increased by NOK 22 million (approximately USD 2.3 million, EUR 2.1 million) to NOK 170 million (approximately USD 18 million, EUR 16.1 million), up 15%; EBIT rose from NOK 89 million (approximately USD 9.4 million, EUR 8.4 million) in the prior-year period to NOK 99 million (approximately USD 10.5 million, EUR 9.4 million).

The company said profit growth in its Sea-Based and Digital businesses offset the impact of weaker sales in the Land-Based business.

On orders, third-quarter order intake was NOK 714 million (approximately USD 75.5 million, EUR 67.7 million), below NOK 786 million (approximately USD 83.1 million, EUR 74.6 million) in the prior-year period. However, as of the end of September, order backlog increased to NOK 2.72 billion (approximately USD 287.9 million, EUR 258.1 million), compared with NOK 2.36 billion (approximately USD 249.8 million, EUR 223.9 million) a year earlier. The company said this provides a solid foundation for continued organic growth in 2027.

By business segment, Sea-Based remained AKVA's largest segment, with third-quarter revenue of NOK 666 million (approximately USD 70.5 million, EUR 63.2 million), below NOK 770 million (approximately USD 81.5 million, EUR 73.1 million) in the prior-year period. Segment EBITDA increased from NOK 113 million (approximately USD 12 million, EUR 10.7 million) to NOK 137 million (approximately USD 14.5 million, EUR 13 million), and EBIT rose from NOK 70 million (approximately USD 7.4 million, EUR 6.6 million) to NOK 83 million (approximately USD 8.8 million, EUR 7.9 million). Segment order intake was NOK 549 million (approximately USD 58.1 million, EUR 52.1 million), compared with NOK 620 million (approximately USD 65.6 million, EUR 58.8 million) a year earlier; order backlog increased from NOK 745 million (approximately USD 78.8 million, EUR 70.7 million) to NOK 1.32 billion (approximately USD 139.7 million, EUR 125.3 million).

Within Sea-Based, the Nordic region saw the largest revenue decline, from NOK 545 million (approximately USD 57.7 million, EUR 51.7 million) to NOK 449 million (approximately USD 47.5 million, EUR 42.6 million). Americas revenue was NOK 130 million (approximately USD 13.8 million, EUR 12.3 million), compared with NOK 134 million (approximately USD 14.2 million, EUR 12.7 million) a year earlier; Europe and Middle East revenue was NOK 87 million (approximately USD 9.2 million, EUR 8.3 million), below NOK 91 million (approximately USD 9.6 million, EUR 8.6 million) in the prior-year period.

Land-Based third-quarter revenue fell from NOK 308 million (approximately USD 32.6 million, EUR 29.2 million) to NOK 251 million (approximately USD 26.6 million, EUR 23.8 million). Segment EBITDA fell from NOK 22 million (approximately USD 2.3 million, EUR 2.1 million) to NOK 18 million (approximately USD 1.9 million, EUR 1.7 million), and EBIT fell from NOK 19 million (approximately USD 2 million, EUR 1.8 million) to NOK 14 million (approximately USD 1.5 million, EUR 1.3 million). Order intake was NOK 131 million (approximately USD 13.9 million, EUR 12.4 million), slightly below NOK 138 million (approximately USD 14.6 million, EUR 13.1 million) in the prior-year period; order backlog was NOK 1.19 billion (approximately USD 125.9 million, EUR 112.9 million), compared with NOK 1.44 billion (approximately USD 152.4 million, EUR 136.6 million) a year earlier. As of the end of the quarter, the Land-Based business accounted for 44% of the group's total order backlog.

The Digital business continued to grow, with revenue rising from NOK 34 million (approximately USD 3.6 million, EUR 3.2 million) to NOK 42 million (approximately USD 4.4 million, EUR 4 million); EBITDA rose from NOK 12 million (approximately USD 1.3 million, EUR 1.1 million) to NOK 16 million (approximately USD 1.7 million, EUR 1.5 million); EBIT was NOK 2 million (approximately USD 211,542, EUR 189,747), compared with break-even in the prior-year period. Segment order intake increased from NOK 28 million (approximately USD 3 million, EUR 2.7 million) to NOK 34 million (approximately USD 3.6 million, EUR 3.2 million), and order backlog rose from NOK 183 million (approximately USD 19.4 million, EUR 17.4 million) to NOK 212 million (approximately USD 22.4 million, EUR 20.1 million).

The report said the company's financial position was overall stable as of the end of the third quarter. Cash and unused credit facilities were NOK 472 million (approximately USD 49.9 million, EUR 44.8 million), compared with NOK 442 million (approximately USD 46.8 million, EUR 41.9 million) a year earlier. Total assets were NOK 4.3 billion (approximately USD 454.8 million, EUR 408 million), equity was NOK 1.41 billion (approximately USD 149.2 million, EUR 133.8 million), and the equity ratio was 32.8%.

Alongside the release of its Q3 report, AKVA's board unanimously recommended that shareholders accept the per-share takeover offer set out in a previously announced agreement. The agreement envisages the sale of all issued and outstanding shares of the company to Osaka, Japan-based Yanmar Holdings, with the offer period running from November 6 to November 20 and extendable as permitted under the terms of the offer.

AKVA previously said the transaction is expected to be completed in the fourth quarter, subject to regulatory requirements; transaction-related costs will be expensed in the fourth quarter. The company also said its strategic focus remains unchanged ahead of completion and that business continues as usual.